Which is better: cash or credit card

The debate over whether cash or a credit card is better goes on for a long time without a clear winner. There are good arguments for each option, and the answer depends on who you ask. The website Go Banking Rates has described why some people prefer to use cash and others prefer to use credit cards.

Here are some compelling reasons to always pay with cash:

• Accept everywhere. You won't hear "sorry, we don't accept cash here" anywhere. You can pay with cash everywhere except on the Internet. You can always buy anywhere you want. But credit cards are not accepted everywhere.

Visible Spending. Many people choose to use cash simply because when you make a purchase, you can visually see how much you have left over and how much you've spent. No interest or fees. The great thing about buying with cash is that you pay the cost of the item and that's it. And there are no interest payments or fees at the end of the term. Paying cash makes shopping much easier and cheaper overall.

• Freedom from debt. Using cash, you can't owe creditors.

• Safe. You'll never fall victim to hackers, and your data won't be stolen. You won't have to worry about keeping your personal financial information safe when you spend cash.

The benefits of credit cards

The average American family has $7,817 in credit card debt, according to WalletHub's 2016 Credit Card Debt Survey.

Here are some benefits of credit cards:

• Large purchases. Imagine having to put off for months or wait for your paycheck until you've collected enough money every time you need to make an expensive purchase. That's bearable when you decide to upgrade your TV. But what if your car needs a new transmission or the roof of your house is leaking? You can't afford to wait that long. With a credit card, you can make purchases and then spread the cost over a longer and more manageable period of time. Many credit cards offer extended warranties on purchases. This means that if you use your credit card when purchasing an item with a guarantee, the credit card will extend that guarantee for up to 3 years.

• Expense tracking. You can track and then analyze your spending. Monthly and annual card statements will help you in this case. With cash, you can't do this unless you keep receipts.

• Credit rating. In today's society, it's hard to do without a credit rating. A higher credit score can provide a good interest rate when you take out a mortgage or apply for a car loan, a student loan. The only way to build a good credit score is to use a credit card.

• Bonuses. A credit card is more than just a piece of plastic in your wallet that you can use to pay for a product or service. It gives you amazing opportunities to save money on purchases and get rewards: travel, refunds, gift cards and other "goodies."

• Safety. Yes, this argument has been made in the benefits of cash, but credit cards have their own advantages. The fact is, if you lose your cash, that's it...write "gone." If you lose your credit card, however, you have to call the bank to block it and then get a new one. You won't lose a penny.